Sentences highlighting the importance of statistics in economics
Answers
▪Statistics refers to a practice of collecting and analysing large quantity of numerical data which is often required in subject like economics.
▪Economics is known to be the study of numerical data regarding to some concepts in an economy so statistics is of great use in economics.
▪With the help of statistics, the exact information and guesses can be availed in economics.
▪Statistics provide a proper and accurate concept of knowledge about anything which is required in economics.
▪Statistics are useful for comparison between two values. As they give a vivid scope of comparison of numerical data.
▪In economics, many subfields are included like calculating national income, market prices, stocks etc. So all these things can only be done with the help of statistics.
Answer :-
Sentences highlighting the importance of statistics in economics are :-
→ Three chief uses that show the relevance of statistics in economics include analyzing data, collecting information and testing hypotheses.
→ Data analysis is a method of investigating, cleaning, modifying, and representing data with the goal of identifying useful knowledge, familiarizing conclusions, and promoting decision-making
→ Data collection is the method of collecting and measuring knowledge on targeted variables in an incorporated system, which then qualifies one to explain important questions and evaluate consequences.
→ Hypothesis testing is used to indicate the outcome of a hypothesis presented on individual data from a larger community. The test tells the investigator whether or not his initial hypothesis is true.